Risk-informed decision-making in the presence of epistemic uncertainty

Risk-informed decision-making in the presence of epistemic uncertainty

Optimizing Computer Representation and Computer Processing of Epistemic Uncertainty for Risk-Informed Decision Making: Finances etc

Uncertainty is usually gauged by using standard statistical characteristics: mean, variance, correlation, etc. Then, we use the known values of these characteristics (or the known bounds on these values) to select a decision. Sometimes, it becomes clear that the selected characteristics do not always describe a situation well; then other known (or new) characteristics are proposed. A good examp...

Comparing uncertainty data in epistemic and ontic sense used to decision making problem

In the paper aspect of comparability alternatives in decision making problem by imprecise or incomplete information isexamined. In particular, new definitions of transitivity based on the measure of the intensity preference between pairsof alternatives in epistemic and ontic case is presented and its application to solve decision making problem is proposed.

Resilient Decision Making in Open Pit Short-term Production Planning in Presence of Geologic Uncertainty

Short-term production plans are the basis for operational mine production schedules. They concentrate on making long-term mine plans operationally feasible. Furthermore, some variables such as ore grade and tonnage govern mine production systems and cause uncertainty in the supply of raw materials to the mills. Due to the quality variation of material, short-term production optimization is an u...

Managing Multiple Sources of Epistemic Uncertainty in Engineering Decision Making

Managing uncertainty is an integral part of making well-informed engineering decisions. When formulating a design problem, many of the variables and models contain epistemic uncertainty, uncertainty due to lack of knowledge. If this lack of knowledge is significant, it may be advantageous to acquire additional information before making a design decision. In this paper, we develop a framework fo...